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Dubai bourse joins campaign against short-selling

The Dubai Financial Market on Sunday joined the chorus of regulatory voices slamming the short-selling of shares amid growing concerns that hedge funds shorting key Gulf institutions are contributing to a dramatic decline in regional bourses.

The DIFC, which has slumped almost 30% this year, urged banks to halt short-selling as it was â€œnot in keepingâ€? with regulatory norms.

Even though shorting of stocks in banned in the Gulf, hedge funds have been shorting blue-chip regional shares with the help of overseas brokerages and offshore accounts.

The MSCI Gulf index has plunged more than 205 during the June-August period, representing a loss of almost $300bn (â‚¬205.9bn) in total market value.